Nigeria has a huge housing deficit that requires the construction of 550,000 housing units per annum over the next 10 years, the Minister of Housing and Urban Development, Ahmed Dangiwa, has said.

Mr Dangiwa spoke at the 18th Africa International Housing Show on Tuesday in Abuja. He said that to achieve the goal of constructing 550,000 houses per annum for 10 years, the government would require about N5.5 trillion annually, adding that the Renewed Hope Housing Agenda was a plan in that direction.

“The 50,000 units we plan to deliver is relatively ambitious given our history in the housing stock development. However, it is very small when we place it side by side with the 550,000 housing units required per annum,” said Mr Dangiwa. “I see this gap not only as a social necessity but a business opportunity for investors and our partners to make profitable impact.”

Mr Dangiwa added that over 28,000 applications had been recorded since the launch of the portal.

Senate President Godswill Akpabio said the 10th Assembly believed that every person deserved a roof over their head and would stand by citizens to achieve that goal.

Mr Akpabi said the Senate was working hand in hand with the executive to ensure housing rights became a reality for  Nigerians.

“We must leave no one behind in our efforts to provide affordable and accessible housing solutions, especially for the most vulnerable members of our society. Furthermore, no discussion on housing can be deemed complete without addressing the need for inclusive policies,” Mr Akpabio.

Mr Akpabio expressed concern over the collapse of the building in Nigeria and tasked professionals in the built environment to address the menace.

The speaker of the House of Representatives, Abbas Tajudeen, stressed the importance of housing to the growth and development of Nigeria.

According to Mr Tajudeen, providing adequate housing is not just a social need but a critical step towards solving many of the nation’s and humanity’s challenges.

Mr Tajudeen added that simplifying the land acquisition process and improving land administration systems would reduce bottlenecks and encourage more housing projects.

“Government intervention in the area of affordable mortgages is a win-win for the sector, and this emphasises the need for sustainable housing solutions that protect our environment,” he explained. “By addressing the challenges in housing demand and supply and implementing forward-thinking policies, we can transform our housing sector into a catalyst for national and international development.”

(NAN)